NZD/USD Technical Analysis: Bull breakout on the hourly chart has exposed 200-hour MA hurdle

The NZD/USD hourly chart shows an upside break of the pennant pattern, which means the sell-off from the July 30 high of 0.6835 has ended and the bulls have taken over.
Hence, the pair could rise further toward the 200-hour moving average, currently located at 0.6773.

Omkar Godbole FXStreet Contributor

Hourly chart

Spot Rate: 0.6750

Daily High: 0.6756

Daily Low: 0.6730

Trend: Bullish

Resistance

R1: 0.6756 (previous day's doji candle high)

R2: 0.6770 (10-day moving average)

R3: 0.6835 (July 30 high)

Support

S1: 0.6741 (5-day moving average)

S2: 0.6725 (previous day's doji candle low)

S3: 0.6688 (July 3 low)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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